The management group consists of Shvetank Mishra, ex-ABN AMRO, RBS, ICICI Securities; Pramod Kumar, ex-ICICI Direct, Canara HSBC Life; Apurva Dodia, ex-ICICI, Kotak, UBS, Motilal Oswal; and Gaurav Chahaun, ex-ICICI Financial institution, Kotak, Barclays, HDFC, Citibank, amongst others.
“Whereas we stands out as the twentieth or fortieth participant in personal wealth general, we’re the primary movers into tier-II, tier-III and tier-IV cities. Wealth creation has been uniform throughout India, however the wealth administration ecosystem has not saved tempo, significantly outdoors metros,” mentioned Manu Awasthy, cofounder and chief govt of Centricity.
The corporate additionally plans to rent one other 30 bankers subsequent 12 months. Centricity plans to increase into different new traces of enterprise to supply the ultra-rich residing in tier-II and tier-III cities, Awasthy mentioned with out disclosing additional particulars.
The corporate can be coming into the insurance coverage broking enterprise after securing a licence in December 2024. “After spending about 5 months constructing the know-how stack, we launched the enterprise in April 2025. The licence permits us to distribute insurance coverage on our retail platform,” he mentioned.
India’s wealthtech sector has seen frenetic exercise lately, with startups equivalent to Steady Cash, Dezerv and Smallcase, amongst others, elevating funds.
Regional footprint
Based in 2023, the two-year-old startup is concentrating on the ‘hidden wealth’ in tier-II, tier-III and tier-IV cities. Over the previous two years, Centricity has arrange greater than 80 places of work throughout 70 cities and partnered with over 12,000 mutual fund distributors and unbiased monetary advisors to construct a nationwide distribution base, mentioned the corporate.
Centricity WealthTech raised $20 million ( ₹168 crore) in a seed funding spherical led by Lightspeed India Companions and backed by Burman Household Workplace (Dabur Group) and MS Dhoni’s Household Workplace, amongst others.
In accordance with Kotak’s 2021 wealth report, about 45% of India’s UHNI inhabitants resides in tier-II and tier-III cities; nonetheless, the focus of wealth is thinner. Metros might have 1000’s of households with ₹100 crore portfolios, whereas smaller cities might have simply 20-50 such households every. This dynamic has traditionally deterred conventional corporations from investing in native infrastructure.
The corporate leases its personal branches in every metropolis, usually staffed with 3-4 personal bankers who help native companions. This presence, Awasthy mentioned, helps construct belief with purchasers and permits the agency to scale with out the heavy overheads of relocating expertise. “In contrast to conventional bankers who juggle 100-200 relationships, Centricity restricts every banker to simply 20 households. The agency works with purchasers holding at the least ₹100 crore in monetary property in Delhi, Mumbai and Bengaluru, and a ₹50 crore threshold in different cities,” he added.
Income targets
Centricity delivered ₹20 crore in income in its first 12 months of operations (FY23-24), rising to ₹64 crore in FY24-25.
For the present 12 months, the corporate is concentrating on ₹125-150 crore, and has already crossed ₹30-35 crore within the first two months. By subsequent 12 months, it expects to both break even or flip worthwhile with ₹250-300 crore in income, he mentioned. The wealthtech agency goals to scale its property beneath administration (AUM) to about ₹50,000 crore over the following three years, up from the present ₹10,000 crore.
The corporate is planning to have one other funding spherical within the coming 12 months. “We’re effectively capitalised and don’t see the necessity for fundraising at this stage. If we do launch new enterprise traces, we might have a look at one other fund elevate subsequent 12 months,” Awasthy mentioned.
